Abena has made the following gross contributions to her personal pension scheme over the past three tax years:
Tax year
£
2021-22
42,000
2022-23
27,000
2023-24
48,000
What is the maximum gross contribution which Abena can make to her personal pension scheme for the tax year 2024-25 without giving rise to an annual allowance charge?
The annual allowance for pension contributions is a limit on how much an individual can contribute to their pension scheme each tax year while receiving tax relief. If the contributions exceed this limit, an annual allowance charge may apply. The specific annual allowance amount can change and may be subject to individual's income levels. However, without information on the current annual allowance limit or Abena's income details, I cannot provide the exact maximum contribution for the tax year 2024-25. It's advisable to refer to the current HM Revenue & Customs (HMRC) guidelines or consult a financial advisor for the most accurate information.
